The National Assembly passes a law banning crypto influencers

The French National Assembly adopted a bill prohibiting influencers and media from promoting cryptocurrency-related projectsunless the company is approved as a digital asset service provider (PSAN) by the Autorité des marchés financiers (AMF), which is not currently the case for any company in the sector. The text has been criticized by the Association for the Development of Digital Assets (Adan) and many other players in the ecosystem, such as the YouTuber Owen Simonin (hasher), who tried to make their point of view known to the deputies.

The Adan offered an alternative framework to the bill, pointing out that the law DDADUE already requires the service providers concerned to communicate in a clear and transparent manner to their public.

The bill will have to validate several stages, such as a passage before the Senate, before the law is applied, but it worries about the will of elected officials to move our industry forward.

By banning crypto businesses no PSAN And registered PSAN to use influencers and the media, the National Assembly wishes to make it compulsory to obtain PSAN approval for financed promotion operations. However, no company has, to date, PSAN approval.

Indeed, the deputies have rejected an amendment aimed at enabling influencers to promote registered projects PSAN. However, the absence of PSAN approved companies in France makes the scope of this ban total. Industry players crypto currencies criticized that the sector was placed on the same level as cosmetic surgery or image editing (during promotions) in the bill. Influencers also felt aggrieved, as this ban could limit their ability to promote innovative projects in the field of cryptocurrency.

Despite the efforts of I’Adam and of hasher, the text was adopted as is by the National Assembly. However, the bill should still go through the Senate before being finally adopted. Adan hopes that the debates in the Senate will make it possible to restore a version more adapted to the development of innovation web 3 while ensuring user protection.

This bill aims to regulate the activity of influencers in the field of cryptocurrencies, but its scope is limited by the absence of PSAN-approved companies in France. This ban was perceived as an obstacle to the development of the sector and an attack on the freedom of expression of influencers.

According to the jurist Enguerrand Denoual, this law could contain articles unconstitutional so much “by its limitations, it purely and simply removes the possibility of exercising the profession of influencer in the crypto-industry.assets.

The text still has to go through the Senate before being finally adopted, and amendments could be proposed to take into account the concerns expressed by the players in the cryptocurrency industry. The law could then possibly pass before a mixed parity commission and again possibly one last time in the National Assembly.

The article The National Assembly passes a law banning crypto influencers appeared first on Corner Academy

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